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Reserves and Resources

The Company's total resource base (shown by asset, on a 100% basis) is as follows:







Notes to Mineral Reserve table

1. Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) definitions were used for Mineral Reserves

2. The Mineral Reserve was estimated by the contents of a resource block model within a pit design. This design was based on an optimisation, in which only indicated Resources were enabled. The optimised shell selected corresponded to a gold price of US$975/oz

3. The Mineral Reserve is reported at a cut-off grade of 0.33 g/t Au. This cut-off has been derived from the breakeven level corresponding to a gold price of US$1,250/oz

4. A mining loss factor of 10% has been applied. Dilution has already been applied in the generation of bulk mining blocks in the resource model, measuring 12.5m x 12.5m x 10m

5. The Mineral Reserves were estimated based on the NI 43-101 Mineral Resources, both effective as of 5 January 2015

6. A 90.1% metallurgical gold recovery was used.








Notes

1. The effective date of the Yaoure Mineral Resource estimate is 5 January 2015, prepared by Mario E Rossi, GeoSystems International, Inc.

2. The gold price used in the Mineral Resource estimate is US$1,500/oz, assuming an open pit mining scenario, processing via tank leaching. Pit slopes are 44º in oxide, 53º in sulphide. Recoveries have been assumed at 90%. Pit Optimisation was completed by A. Wheeler for all prices shown here.

3. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

4. There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, and political or other relevant issues that may materially affect the resource estimates.

5. Totals and average grades are subject to rounding to the appropriate precision and some columns or rows may not compute exactly as shown.

6. The stated resources include dilution in the block model that relates to the level of low selectivity envisioned in an open pit operation, assuming 10m bench heights.









Notes

1. CIM definitions were used for Mineral Reserves

2. The Mineral Reserve was estimated by construction of a block model within constraining wireframes and based on Indicated Resources

3. The Mineral Reserve is reported at a cut-off grade of 0.5 g/t Au at a gold price of US$1,100/oz

4. Mining dilution of 5% was added

5. The Mineral Reserves were estimated based on the NI 43-101 Mineral Resources, both effective as of 19 November 2012

6. A 93.4% metallurgical gold recovery was used.







Notes

1. CIM definitions were used for Mineral Resources

2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

3. A cut-off grade of 0.5g/t was applied within a US$1,500/oz open pit shell and a 2.0g/t cut-off for resources suitable for underground mining. The resources suitable for underground mining are not included in the FS.

4. The Mineral Resource is inclusive of the Mineral Reserve. The Mineral Reserve is based on a more constrained whittle pit of US$1,100

5. Due to rounding, some columns or rows may not add up exactly to the computed totals.